Chapter 6

Nuances of Investing in Frontier Equity Markets

R. McFall Lamm, Jr.    Stelac Advisory Services LLC, New York, NY, United States


On the surface, frontier markets appear to offer extraordinary potential for investors that is reminiscent of past booms in emerging markets when market liberalization and improved macroeconomic governance stimulated economic growth and produced great equity returns. But frontier markets today represent different challenges from that bygone era. Many frontier markets are small and lack liquidity. Others are fallen angels formerly classified as emerging markets, illustrating that past growth does not always predict performance. Taking these and other considerations into account, we review the current ...

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